Need Thoughts On When To Do This... Please Advice

I am a rising junior at Rutgers majoring in both finance and Econ - 3.7 GPA and am currently doing an internship at a search fund till October (lots of modeling and deal sourcing.) this is also the first and only finance internship in my resume.

I'm late to IB SA 2022 recruiting and know that most firms are all done with their recruiting. The goal is to get now a SA position at a boutique bank in NY. When should I reach out to these smaller firms and ask about summer 2022 opportunities?

I plan on working throughout the year to add more to my resume so should I also reach out to other regional and smaller PE firms for a winter/spring analyst role to add more to my CV to apply for BB first year analyst positions next year? Looking forward to your advice!

WSO Elite Modeling Package

  • 6 courses to mastery: Excel, Financial Statement, LBO, M&A, Valuation and DCF
  • Elite instructors from top BB investment banks and private equity megafunds
  • Includes Company DB + Video Library Access (1 year)

Comments (15)

Aug 8, 2021 - 6:59pm

If you can, it might be helpful to start reaching out and discussing options with whomever you can. Better to do something today than tomorrow if you can. Both of those sound like good ideas in general to me though the specifics of your situation may lead you to do otherwise. Good luck :)

  • Intern in PE - LBOs
Aug 8, 2021 - 7:01pm

Thanks for the insight! Just to be sure, what do you mean by otherwise?

Aug 8, 2021 - 8:06pm

You are welcome. I think I was mainly referring to the fact that I only know a bit about your situation given the info you have shared in this post so far. I was just sharing general, high-level guidance from my opinion. The actual specifics of what may be the best approach for you in reality may differ if there are other factors you want to / need to consider / balance in your decision making process. It was kinda like a disclaimer saying this is just general advice. For actual decisions, it may be best to ultimately make that yourself

Learn More

300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses.

Learn more
  • Intern in IB - Gen
Aug 9, 2021 - 3:02am

Rising senior at RU. TBH, your chances aren't great.

Since you're late, I'm guessing you're not in RTWS which is a significant disadvantage. To my knowledge, in your year ('23) only three non-RTWS students have placed into FO roles. Even within RTWS, placement isn't spectacular; by my count, about 51% of my class ('22) placed into FO and only 33% of yours so far. If we're talking exclusively IBD, the numbers drop to 35% and 20%, respectively.

All this is to say that there are a ton of people in your shoes and that there's a reality to face. A couple of my friends who struck out during SA '21 are at micro-boutiques and are gearing up for FT recruiting right now. Others have decided to pivot to careers that would allow them to break into IBD after an MBA down the line. Many more have decided to quit and pursue something else. If you're trying to break in at this stage, I suggest that you consider these contingencies.

Now that I've gotten that grim bit out of the way, I suggest you reach out to Dr. Ben, Prof. Longo, Prof. Hoffman, etc. Each has connections everywhere in this industry -- many alums like them, owe them, and would help you out if they were to reach out on your behalf. Beyond that, we have some strong advocates at DB/Mizuho who might be open to pulling strings for a case like yours. Ask around if you don't know who they are yet, I'm not going to out them on WSO. Finally, as a hail mary, I've heard of people at other universities redeclaring as sophomores and giving recruiting a shot again.

I don't mean to discourage you with the first half of this post, but reality is an uncaring, and cruel b!tch. I tend to type in a cold and clinical fashion, but believe that I mean it when I say good luck.

  • Intern in PE - LBOs
Aug 9, 2021 - 3:24am

I really appreciate it! I have 2 of those profs this fall so I'll def hit them up as well as the others you mentioned. Yeah I didn't know about road to Wall street since I am a transfer student. It was a tough year for me cause of a family loss and didn't focus on recruiting but I'm doing better now and am on my A game. I actually have a call with an associate from DB next week, could he potentially help out?

My goal is to get a SA role for next summer at a micro boutique in the city. When would be the best time to network w/ people there and do they have a timeline for internships?

  • Intern in IB - Gen
Aug 9, 2021 - 10:56am

I doubt an associate could pull any strings for you. I'd shoot for our top guy there, which based on your comment means you don't know who that is. Reveal your user, I'll dm you the name.

Your 2nd question confuses me... why are you asking about the best time? If I were in your situation I wouldn't give a rat's ass about that. Micro-boutiques aren't likely to have structured SA recruiting, and even less so for FT recruiting. Therefore, there's no set timeline so just start networking, keep networking, and don't stop until you've locked it down.

  • Prospect in IB-M&A
Aug 11, 2021 - 10:51pm

Can you tell me about redeclaring as a sophomore for recruiting? I plan to do the same, but would it be strange to speak with the same alumni? 

  • Intern in PE - LBOs
Aug 11, 2021 - 11:02pm

I think you would have to add a minor or major to extend your graduation date. In terms or same alumni. I think you would be honest or say you wanted to double major or something

  • Associate 3 in IB-M&A
Aug 9, 2021 - 11:25am

There's no best time for this sort of thing when you're already late. The best time is right now and you need to absolutely hammer away on networking for the next few months.

Recruiting for BB FT is even harder, I'd say close to impossible, without doing IB sophomore summer, those spots are extremely limited, sometimes don't even have public applications out, and are typically filled by people with offers at other banks who want to move upstream. Focus on SA 22 now rather than waiting around for FT positions. 

  • Intern in IB-M&A
Sep 15, 2021 - 12:58am

Facilis suscipit provident sed eum mollitia. Qui aut deleniti sed neque fugit blanditiis nihil adipisci. Officia sit ipsum voluptatibus sint quae labore a magnam. Aperiam et enim quisquam qui autem amet. Id molestiae et similique vitae.

Illo dolor qui voluptates aliquid. Praesentium et ullam corrupti voluptatum iure rerum. Repudiandae non et amet voluptas. Reiciendis enim itaque a aperiam blanditiis quibusdam laudantium porro.

Minus sunt incidunt numquam voluptas. Consequatur voluptatibus sit aut et libero aut minima rerum. Omnis delectus labore autem corporis eius officia. Perspiciatis amet sed et dolores et qui vel sequi. Mollitia sit ullam consequatur tempora. Molestias ut consequatur nobis.

Amet sunt eligendi tenetur impedit. Aliquid amet nostrum architecto quisquam laborum voluptatibus fugit. Accusantium perferendis odit sit nihil ut.

Start Discussion

Total Avg Compensation

September 2021 Investment Banking

  • Director/MD (10) $853
  • Vice President (38) $367
  • Associates (218) $232
  • 2nd Year Analyst (130) $153
  • 3rd+ Year Analyst (30) $147
  • Intern/Summer Associate (102) $144
  • 1st Year Analyst (483) $135
  • Intern/Summer Analyst (375) $82